If you were to choose a Louis Vuitton bag over an ordinary bag, which one would you be more inclined towards to make a choice? Isn’t the answer too clearly manifested? Well it had to be the Louis Vuitton one. Of course not only for it belonging to a luxury fashion house, but also it demarcates you from the rest of the world as you enter into the league of high end fashion.
Fashion is an autonomy of aesthetics relevant in a particular period of time in a specific context of clothing, accessories, footwear, makeup, lifestyle and body expression. In all probability, it can be said without denial that we have all been drawn towards it at some point in our lives. For some it might be to make a fashion statement and for others, it might simply be a form of self expression. But the fashion industry isn’t just limited to luxury aesthetics or a glamorous lifestyle catering to the whims and fancies of its consumer base. It's a complex comprising multi-tiered production and supply chains, a giant workforce, tremendous investments and a lot more. Recently, sustainability has become a thing of the 21st century. What is the impact the fashion industry is having on the planet? What about the quality of life of those employed there? Who are the dominant players on the forefront? How well does the idea of sustainability sit with the industry? Hang on as we make you visualize the landscape of this world of glamor and the positive impact that it can create on the society at large.
Background :
The Fashion Industry is a mammoth multi trillion dollar industry with a valuation of 3000 billion (3 Trillion) dollars which is 2% of the world’s Gross Domestic Product. Around 430 million people work in the fashion industry , including all the garment and textile workers and all those involved in cotton farming and services related to cotton. That’s one in eight people in the global workforce. The apparel market comprises all forms of clothing, including, sportswear, business wear, luxury items and conventional clothing. During the pandemic, the sales all across the globe had taken a dip but now with the opening up of the economies, it's on the rise again.
Key Players :
The United States and China account for the majority of the global apparel demand.
The US apparel industry had total revenues of $348.0 billion in 2018 representing a compound annual growth (CAGR) of 2.4% between 2014 and 2018.
China is the largest producer and exporter of clothing, textile, fashion garment and apparel in the world. It would be notable to highlight that in the year 2017, the country exported US$106Billion of textiles and US$161Billion of apparel. Thus it would be safe to say that China’s fashion industry remains unrivaled as a manufacturer and exporter for the Clothing and Garment Industry.
Labor Workforce:
According to the International Labor Organization, more than 60 million people across the globe have been employed in various domains of this fashion industry such as textile, footwear, clothing, leather, etc. If we include the designers, retailers, distributors then this number climbs up to 300 million people who have been contributing to the fashion chain.
Production and Consumption :
The World Economic Forum states that the global fashion industry produces about 150 billion items of clothing each year. The numbers have surmounted since 2000 and first crossed the 100 Billion mark in 2014.
The consumption of clothing has increased exponentially over the past two decades with fashion consumers buying 80Billion pieces of clothing each year. This shows a stark 400% increase in consumption as compared to what it was 20 years back. However, overconsumption does not mean equal demand for goods from each strata of the society. It basically reflects that only privileged individuals are the regular buyers of such fashion products.
Fashion Brands:
To cater to the ever expanding needs of the $3Billion industry, newer brands are entering the marketing landscape and the competition is stiffer than never before.
Louis Vuitton has been ranked as the best performing fashion brand with a valuation of $47.2 Billion. The LVMH Group has earned the name for the highest market capitalization. Nike is next in line with a brand value of $39.1Billion dollars and a worldwide rank of 13. Other fashion brands with a strong foothold in the market are Gucci on position 31 with a brand value of $22.6Billion, Hermes on position 32 with a brand value of $21.6Billion and Zara on position 41 with a brand value of $14.7Billion.
2022’s Top Brands :
2022 has been a tremendous year of fashion so far. The Spanish luxury brand Balenciaga has successfully retained its spot of being the hottest brand on the planet in the first quarter of 2022 as stated by the Lyst Index. Another stable household name was the Italian luxury brand Gucci which held the second position while French label Louis Vuitton climbed the third position. Prada, Valentino, Dior, Alexander McQueen, Adidas, Saint Laurent, Versace, Burberry and Fendi were among the other top names that were predominant.
Cost of the Industry:
This multi trillion industry consumes 79Billion cubic meters of water and 31 Billion liters of crude oil each year. Besides the garments use 43 million tonnes of chemicals, a quarter of which is drained into the rivers and seas which is a visible threat to our aquatic lives. The workers who have been employed in these industries aren’t compensated adequately and are on the verge of losing their jobs.
Sustainable Fashion and is it a Myth ?
Recently a climate activist, Marie Cohuet made headlines after she allegedly crashed the runway at the Louis Vuitton Spring 2022 Show on the final day of Paris Fashion Week. She bore a white banner with the words “Overconsumption = Extinction” in bold lettering and walked the runway with models before being shoved by the security guards.
She was reported saying that, “ We chose LVMH symbolically because it is one of the most influential houses. LVMH makes frantic declarations of being the most advanced in the sector in terms of limiting their impacts, but we see that in reality it is not true.”
In reality, it has been found that only 2 percent of the world’s factories participate in sustainable or ethical certification schemes. 85%of the world’s fashion brands rank poorly in sustainability indices. The industry is undoubtedly growing at an expansive rate with little or no consideration about sustainability.
Solution: A Switch to Ethical Fashion
The fashion industry is visibly a profit making industry. So the challenge of switching to sustainable fashion poses a considerable amount of threat to the revenue generating models. Could the new sustainability pacts and initiatives possibly overwhelm the businesses than support them ? Especially after incurring huge losses and being on the verge of closure in the pandemic, the stakes for these brands are very high.
The need of the hour is effective collaboration between the buyers, sellers, manufacturers and designers. The industrialists need to take up bold measures and adapt to new business models. For instance, industries should switch to circular business growth models rather than linear models as the former focuses better on volume of goods produced rather than mere value of goods.
Synthetic fibers can be replaced with natural fibers which will bid adieu to fast fashion and bring about longevity in businesses. Besides, it will also reduce the carbon footprint. Ethical Fashion will ensure the preservation of craftsmanship so that it can be handed over to the next generation. It will revive the exquisite art of handlooms over mass produced machine made goods.
Conclusion :
It might seem easy to do away with fast fashion and go back to ethical fashion. Though sustainable fashion is timeless fashion, for brands and businesses to completely switch over to it might actually cripple the multi trillion industry . This is so because natural fibers such as silk cost more than synthetic and polyester blend materials. Also ethical fashion is a slow means of fashion which implies that we cannot take advantage of the economies of scale as production is being done in smaller units.
Despite its challenges, the idea of sustainable fashion must not be ruled out.
The millennials need to work and build an industry which is more sustainable than their forefathers and at the same time keeps the pursuit of passion and love for fashion alive. This can be done by focussing on reusing and recycling the second hand materials like cut pieces and remnants of other fashion houses. This will not only change perspective from using virgin resources but also instill creativity and experimentation. As consumers, we can reduce our overall consumption by investing in apparels that ensure longevity. This will help us develop our own enhanced sense of style over a period of time. As producers, one needs to cut down on rapid production. The big fashion houses should rather focus on delivering the existing demand in the market with superior quality garments instead of imitating every possible trend.
Fashion is a form of art that unites people of diverse ethnicities to come together and deliver products of self expression. The global fashion industry will continue to prosper in the years to come . However this growth should not just be in terms of gilded glamor and increased brand valuation but also fair use of natural resources, minimal environmental damage and adequate compensation to the labor workforce. So the next time you plan to visit a New York Fashion Week runway, remember to ask your favorite fashion designers what their plans on sustainability are. Or who knows you yourself might be that designer….
Thanks! Hope you had an amazing read fashion enthusiast !
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Written By:
Sadra Zaki
Economics Hons - 2nd Year
About the Author:
Sadra Zaki is in the penultimate year of college, currently pursuing Economics Honors from KMC. She has acquired a reputation for her excellence and reliability in extra curriculum. A dexterous speaker and debater, she has a penchant for writing journals and poetries. She has keen interest in geopolitics and fashion. She’s an economics and finance enthusiast who’s currently working on broadening her arena of knowledge beyond the syllabi.
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